Oxford Instruments

OXIG · Main Market · Industrial Goods and Services · mcap £1,620m · 2966.0p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 09 Jun 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,625m
Owner’s net cash: £89.3m
Net cash / market cap: 5%
EV ex leases: £1,536m
Revenue: £423.2m
Operating profit: £58.0m
Free cash flow after leases: £39.4m
EV / EBIT: 26.5×
FCF yield: 2.4%
Price / tangible book: 7.14×
ROCE: 15%
Net income (owners): £48.2m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 13 Oct 26in line6 figures since the last report

H1 order intake up 44% with revenue growth of 8% and margin expansion; confidence in full-year guidance

Group order intake growth	nearly 44%
Reported revenue growth	approximately 8%
Revenue growth OCC	+9%
Adjusted operating margin progression	over 100 bps
Net cash	£75m	£45.1m
Advanced Technologies revenue growth	c. 26%

As stated by the company, unaudited. Read it →

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 09 Jun 26 · read the results ↗

Source ↗

	2026 Adjusted £m	2026 Adjusting items £m	2026 Total £m	2025 as restated Adjusted £m	2025 as restated Adjusting items £m	2025 as restated Total £m
Revenue	423.2	-	423.2	443.4	-	443.4
Cost of sales	(187.2)	-	(187.2)	(199.1)	-	(199.1)
Gross profit	236.0	-	236.0	244.3	-	244.3
Research and development	(37.1)	-	(37.1)	(38.7)	-	(38.7)
Selling and marketing	(78.3)	-	(78.3)	(73.3)	-	(73.3)
Administration and shared services	(49.6)	(14.7)	(64.3)	(53.6)	(15.6)	(69.2)
Impairment of goodwill	-	-	-	-	(26.0)	(26.0)
Foreign exchange gain/(loss)	2.7	(1.0)	1.7	0.8	(0.3)	0.5
Operating profit	73.7	(15.7)	58.0	79.5	(41.9)	37.6
Financial income	3.1	-	3.1	2.6	-	2.6
Financial expenditure	(1.8)	(0.8)	(2.6)	(1.4)	(0.6)	(2.0)
Profit/(loss) before income tax 2/3	75.0	(16.5)	58.5	80.7	(42.5)	38.2
Income tax (expense)/credit	(17.6)	3.6	(14.0)	(17.4)	4.4	(13.0)
Profit/(loss) for the period from continuing operations	57.4	(12.9)	44.5	63.3	(38.1)	25.2
(Loss)/profit from discontinued operations after tax	(3.1)	6.8	3.7	1.9	(1.1)	0.8
Profit/(loss) for the year attributable to equity shareholders of the parent	54.3	(6.1)	48.2	65.2	(39.2)	26.0
Earnings per share (in pence)
Basic earnings per share
From continuing operations	100.7p	78.1p	109.1p	43.4p	–	–
From discontinued operations	(5.4)p	6.5p	3.3p	1.4p	–	–
Basic	95.3p	84.6p	112.4p	44.8p	–	–
Diluted earnings per share
From continuing operations	99.7p	77.3p	107.8p	42.9p	–	–
From discontinued operations	(5.4)p	6.4p	3.2p	1.4p	–	–
Diluted	94.3p	83.7p	111.1p	44.3p	–	–

Source ↗

	2026 £m	2025 as restated £m
Assets
Non-current assets
Property, plant and equipment	76.4	85.6
Intangible assets	112.7	121.8
Right-of-use assets	29.9	29.9
Long-term receivables	1.0	1.0
Derivative financial instruments	1.6	0.3
Retirement benefit asset	9.2	24.4
Deferred tax assets	10.0	11.1
Total non-current assets	240.8	274.1
Current assets
Inventories	72.5	99.1
Trade and other receivables	125.0	126.2
Tax receivable	6.4	9.4
Derivative financial instruments	0.5	1.9
Cash and cash equivalents	106.9	94.1
Total current assets	311.3	330.7
Total assets	552.1	604.8
Equity
Capital and reserves attributable to the company's equity shareholders
Share capital	2.7	2.9
Share premium	62.7	62.6
Other reserves	0.4	0.2
Translation reserve	8.1	5.4
Retained earnings	266.3	305.0
Total capital and reserves attributable to the company's equity shareholders	340.2	376.1
Liabilities
Non-current liabilities
Bank loans	0.2	0.5
Lease liabilities	27.8	26.7
Retirement benefit obligations	1.2	0.9
Derivative financial instruments	0.2	-
Provisions	1.2	1.3
Deferred tax liabilities	11.1	16.7
Total non-current liabilities	41.7	46.1
Current liabilities
Bank loans and overdrafts	12.7	9.2
Trade and other payables	137.6	153.7
Contingent consideration	4.7	4.0
Lease liabilities	3.8	4.5
Tax payable	7.5	6.0
Derivative financial instruments	0.8	0.6
Provisions	3.1	4.6
Total current liabilities	170.2	182.6
Total liabilities	211.9	228.7
Total liabilities and equity	552.1	604.8

Source ↗

	2026 £m	2025 as restated £m
Cash flows from operating activities
Profit for the year	48.2	26.0
Profit for the year from discontinued operations	(3.7)	(0.8)
Profit for the year from continuing operations	44.5	25.2
Adjustments for
Income tax expense	14.0	13.0
Net financial income	(0.5)	(0.6)
Fair value movement on financial derivatives	1.0	0.3
Amortisation of right-of-use assets	5.3	5.4
Depreciation of property, plant and equipment	6.7	5.1
Amortisation and impairment of intangible assets	7.7	10.6
(Profit)/loss on disposal of plant, property and equipment	(3.7)	1.3
Charge/(credit) in respect of equity-settled employee share schemes	3.7	(0.1)
Contributions paid to the pension scheme more than the charge to operating profit	(3.8)	(7.9)
(Increase)/decrease in inventories	(1.6)	6.4
Increase in receivables	(20.9)	(8.8)
Increase in payables and provisions	3.4	2.1
Increase in customer deposits	7.0	2.3
Cash generated from operations	62.8	80.3
Income taxes paid	(11.1)	(19.8)
Net cash from operating activities - continuing operations	51.7	60.5
Net cash from operating activities - discontinued operations	2.7	(10.8)
Net cash from operating activities	54.4	49.7
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	5.3	2.3
Purchase of property, plant and equipment	(7.4)	(13.6)
Acquisition of intangible assets	(0.5)	-
Acquisition of subsidiaries, net of cash acquired	-	(15.4)
Net cash flow on disposal of business	42.4	-
Capitalised development expenditure	(2.4)	(1.0)
Interest received	1.6	1.6
Net cash generated from/(used in) investing activities - continuing operations	39.0	(26.1)
Net cash generated used in investing activities - discontinued operations	(2.0)	(1.3)
Net cash generated from/(used in) investing activities	37.0	(27.4)
Cash flows from financing activities
Proceeds from issue of share capital	0.1	-
Interest paid on overdrafts and borrowings	(1.2)	(0.6)
Interest paid on lease liabilities	(0.6)	(0.6)
Payment of lease liabilities	(4.6)	(4.8)
Repayment of borrowings	(0.4)	(0.8)
Share buyback	(62.2)	-
Dividends paid	(13.0)	(12.1)
Net cash used in financing activities - continuing operations	(81.9)	(18.9)
Net cash used in financing activities - discontinued operations	-	(0.1)
Net cash used in financing activities	(81.9)	(19.0)
Change in cash and cash equivalents	9.5	3.3
Cash and cash equivalents at beginning of the year	85.3	85.5
Effect of exchange rate fluctuations on cash held	(0.3)	(3.5)
Cash and cash equivalents at end of the year	94.5	85.3
2025 as restated	2026	(1)

Source ↗

	2025 (Unaudited) Adjusted £m	2025 (Unaudited) Adjusting items £m	2025 (Unaudited) Total £m	2024 (Unaudited) Adjusted £m	2024 (Unaudited) Adjusting items £m	2024 (Unaudited) Total £m
Revenue	185.5	-	185.5	204.3	-	204.3
Cost of sales	(83.4)	-	(83.4)	(91.2)	-	(91.2)
Gross profit	102.1	-	102.1	113.1	-	113.1
Research and development	(17.2)	-	(17.2)	(19.1)	-	(19.1)
Selling and marketing	(37.5)	-	(37.5)	(35.3)	-	(35.3)
Administration and shared services	(23.0)	(5.9)	(28.9)	(24.3)	(5.3)	(29.6)
Foreign exchange gain	0.3	1.2	1.5	0.9	2.7	3.6
Operating profit	24.7	(4.7)	20.0	35.3	(2.6)	32.7
Financial income	1.6	-	1.6	1.6	-	1.6
Financial expenditure	(0.9)	(0.4)	(1.3)	(0.9)	(0.1)	(1.0)
Profit/(loss) before income tax 2/3	25.4	(5.1)	20.3	36.0	(2.7)	33.3
Income tax (expense)/credit	(6.3)	1.1	(5.2)	(9.0)	1.1	(7.9)
Profit/(loss) for the period from continuing operations	19.1	(4.0)	15.1	27.0	(1.6)	25.4
Loss from discontinued operations after tax	(2.2)	(0.9)	(3.1)	(1.1)	(0.2)	(1.3)
Profit/(loss) for the period attributable to equity shareholders of the parent	16.9	(4.9)	12.0	25.9	(1.8)	24.1
Earnings per share (in pence)
Basic earnings per share
From continuing operations	33.0p	26.1p	46.6p	43.8p	–	–
From discontinued operations	(3.8)p	(5.4)p	(1.9)p	(2.2)p	–	–
From profit for the period	29.2p	20.7p	44.7p	41.6p	–	–
Diluted earnings per share
From continuing operations	32.7p	25.9p	46.0p	43.3p	–	–
From discontinued operations	(3.8)p	(5.3)p	(1.9)p	(2.2)p	–	–
From profit for the period	28.9p	20.5p	44.1p	41.1p	–	–

Source ↗

	30 September 2025 (Unaudited) £m	31 March 2025 £m
Assets
Non-current assets
Property, plant and equipment	77.0	85.6
Intangible assets	114.3	121.8
Right-of-use assets	27.7	29.9
Long-term receivables	0.9	1.0
Derivative financial instruments	1.5	0.3
Retirement benefit asset	22.7	24.4
Deferred tax assets	9.9	11.1
Total non-current assets	254.0	274.1
Current assets
Inventories	78.6	99.1
Trade and other receivables	101.0	126.2
Tax receivable	7.2	9.4
Derivative financial instruments	2.3	1.9
Cash and cash equivalents	72.3	94.1
Current assets excluding assets classified as held for sale	261.4	330.7
Assets of discontinued operations held for sale	61.8	-
Total current assets	323.2	330.7
Total assets	577.2	604.8
Equity
Capital and reserves attributable to the company's equity shareholders
Share capital	2.8	2.9
Share premium	62.7	62.6
Other reserves	0.3	0.2
Translation reserve	7.0	5.4
Retained earnings	278.5	305.0
Total capital and reserves attributable to the company's equity shareholders	351.3	376.1
Liabilities
Non-current liabilities
Bank loans	0.4	0.5
Lease liabilities	25.9	26.7
Retirement benefit obligations	0.9	0.9
Derivative financial instruments	0.2	-
Provisions	1.2	1.3
Deferred tax liabilities	14.7	16.7
Total non-current liabilities	43.3	46.1
Current liabilities
Bank loans and overdrafts	26.8	9.2
Trade and other payables	117.7	157.7
Lease liabilities	3.4	4.5
Tax payable	4.5	6.0
Derivative financial instruments	0.9	0.6
Provisions	3.3	4.6
Current liabilities excluding liabilities classified as held for sale	156.6	182.6
Liabilities of discontinued operations held for sale	26.0	-
Total current liabilities	182.6	182.6
Total liabilities	225.9	228.7
Total liabilities and equity	577.2	604.8

Source ↗

	2025 (Unaudited) £m	2024 (Unaudited) £m
Cash flows from operating activities
Profit for the period	12.0	24.1
Loss for the period from discontinued operations	3.1	1.3
Profit for the period from continuing operations	15.1	25.4
Adjustments for
Income tax expense	5.2	7.9
Net financial income	(0.3)	(0.6)
Fair value movement on financial derivatives	(1.2)	(2.7)
Amortisation of right-of-use assets	2.6	2.4
Depreciation of property, plant and equipment	3.0	2.6
Amortisation and impairment of intangible assets	4.4	5.0
Profit on disposal of plant, property and equipment	(3.7)	-
Charge in respect of equity-settled employee share schemes	1.5	1.5
Contributions paid to the pension scheme more than the charge to operating profit	(4.0)	(4.1)
Increase in inventories	(7.8)	(6.2)
Decrease/(increase) in receivables	1.5	(6.0)
Decrease in payables and provisions	(15.5)	(10.3)
Increase in customer deposits	5.6	2.2
Cash generated from operations	6.4	15.0
Interest paid	(0.6)	(0.6)
Income taxes paid	(3.7)	(11.3)
Net cash from operating activities - continuing operations	2.1	3.1
Net cash from operating activities - discontinued operations	(1.0)	(9.6)
Net cash from/(used in) operating activities	1.1	(6.5)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	4.8	0.1
Purchase of property, plant and equipment	(3.9)	(8.5)
Acquisition of subsidiaries, net of cash acquired	-	(15.4)
Capitalised development expenditure	(1.5)	(0.5)
Interest received	1.0	1.2
Net cash generated from/(used in) investing activities - continuing operations	0.4	(23.1)
Net cash generated used in investing activities - discontinued operations	(1.4)	(0.6)
Net cash used in investing activities	(1.0)	(23.7)
Cash flows from financing activities
Proceeds from issue of share capital	0.1	-
Interest paid on lease liabilities	(0.3)	(0.3)
Payment of lease liabilities	(2.0)	(2.2)
Repayment of borrowings	(0.2)	(0.6)
Share buyback	(25.5)	-
Dividends paid	(9.9)	(9.2)
Net cash used in financing activities - continuing operations	(37.8)	(12.3)
Net cash used in financing activities - discontinued operations	-	(0.1)
Net cash used in financing activities	(37.8)	(12.4)
Change in cash and cash equivalents	(37.7)	(42.6)
Cash and cash equivalents at beginning of the year	85.3	85.5
Effect of exchange rate fluctuations on cash held	(1.8)	(2.5)
Cash and cash equivalents at end of the period	45.8	40.4

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	423.2	443.4
Gross profit	236.0	244.3
Adjusted operating profit	73.7	79.5
Operating profit	58.0	37.6
Depreciation (owned assets)	6.7	5.1
Depreciation (right-of-use)	5.3	5.4
Share-based payments	3.7	(0.1)
Operating profit to net income
Finance costs	(2.6)	(2.0)
Profit before tax	58.5	38.2
Tax	(14.0)	(13.0)
Net income (owners)	48.2	26.0
Discontinued operations	3.7	0.8
Per share
EPS basic	84.6p	44.8p
EPS diluted	83.7p	44.3p
Dividend per share	23.6p	22.2p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	237.7	185.5	239.1	204.3
Gross profit	133.9	102.1	131.2	113.1
Adjusted EBITDA	–	30.5	–	40.6
Adjusted operating profit	49.0	24.7	44.2	35.3
Exceptional / adjusting items	–	(4.7)	–	(2.6)
Operating profit	38.0	20.0	4.9	32.7
Share-based payments	2.2	1.5	(1.6)	1.5
Operating profit to net income
Finance costs	(1.3)	(1.3)	(1.0)	(1.0)
Profit before tax	38.2	20.3	4.9	33.3
Tax	(8.8)	(5.2)	(5.1)	(7.9)
Net income (owners)	36.2	12.0	1.9	24.1
Discontinued operations	6.8	(3.1)	2.1	(1.3)
Per share
Dividend per share	18.2p	5.4p	17.1p	5.1p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	54.4	49.7
Interest paid	(1.2)	(0.6)
Tax paid	(11.1)	(19.8)
Investing activities
Capex (PP&E)	(7.4)	(13.6)
Capex (intangibles)	(2.4)	(1.0)
Financing activities
Lease principal paid	(4.6)	(4.8)
Lease interest paid	(0.6)	(0.6)
Dividends paid	(13.0)	(12.1)
Share buybacks	(62.2)	–
Shares issued	0.1	–

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Tax paid	(7.4)	(3.7)	(8.5)	(11.3)
Financing activities
Lease principal paid	(2.3)	(2.3)	(2.3)	(2.5)
Dividends paid	(3.1)	(9.9)	(2.9)	(9.2)
Share buybacks	(36.7)	(25.5)	–	–
Shares issued	0.0	0.1	–	–

	31 Mar 26	31 Mar 25
Non-current assets
Other intangibles	112.7	121.8
Property, plant & equipment	76.4	85.6
Non-current assets	240.8	274.1
Current assets
Inventories	72.5	99.1
Trade receivables	125.0	126.2
Cash	106.9	94.1
Current assets	311.3	330.7
Total assets	552.1	604.8
Current liabilities
Trade payables	137.6	153.7^r
Borrowings, current	12.7	9.2
Lease liabilities, current	3.8	4.5
Current liabilities	170.2	182.6
Non-current liabilities
Borrowings, non-current	0.2	0.5
Lease liabilities, non-current	27.8	26.7
Deferred consideration	4.7	4.0
Non-current liabilities	41.7	46.1
Total liabilities	211.9	228.7
Equity
Total equity	340.2	376.1
Net cash and other figures
Net cash / (debt) ex leases	94.0	–

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Goodwill	–	114.3	–	–
Other intangibles	112.7	–	121.8	–
Property, plant & equipment	76.4	77.0	85.6	–
Non-current assets	240.8	254.0	274.1	–
Current assets
Inventories	72.5	78.6	99.1	–
Trade receivables	125.0	101.0	126.2	–
Cash	106.9	72.3	94.1	–
Current assets	311.3	323.2	330.7	–
Total assets	552.1	577.2	604.8	–
Current liabilities
Trade payables	137.6	117.7	153.7^r	–
Borrowings, current	12.7	26.8	9.2	–
Lease liabilities, current	3.8	3.4	4.5	–
Current liabilities	170.2	182.6	182.6	–
Non-current liabilities
Borrowings, non-current	0.2	0.4	0.5	–
Lease liabilities, non-current	27.8	25.9	26.7	–
Deferred consideration	4.7	–	4.0	–
Non-current liabilities	41.7	43.3	46.1	–
Total liabilities	211.9	225.9	228.7	–
Equity
Total equity	340.2	351.3	376.1	–
Net cash and other figures
Net cash / (debt) ex leases	94.0	45.1	–	39.3

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